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M&M slips 4 pc on reports of Goldman downgrading the stock

27 Jan 11 04:26 PM
ET
MUMBAI: Top utility vehicle maker Mahindra & Mahindra today dropped nearly four per cent on the bourses, amid reports that Goldman Sachs downgraded the stock to sell from buy.

The scrip of Mahindra & Mahindra opened on a strong note but later fell by 3.75 per cent to touch the day's low of Rs 741.55 on the BSE. The scrip was trading at Rs 745, down 3.31 per cent in the afternoon session.

According to media reports, Mahindra & Mahindra sank after its rating was lowered to 'sell' from 'buy' at Goldman Sachs Group Inc, which cited increased 'cyclical risks' to demand growth.

Similarly on the National Stock Exchange, shares of the company plunged by 3.86 per cent to touch the intra-day low of Rs 741.50. Later the Scrip was trading at Rs 742.25, down 3.77 per cent.

A lot of movement is being witnessed in the stock as over 15 lakh shares got traded on the bourses.